As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations – from the Dot-com bubble to the 2008 global financial crisis. And let me tell you, this crypto rollercoaster ride is nothing short of exhilarating!
Yesterday, Bitcoin momentarily surpassed $65,000, but a sharp decline followed due to rejection, causing it to drop more than $2,000. Currently, the value of the digital currency is below $63,000.
The adjustment has had a particularly adverse effect on various altcoins, including UNI, LINK, TON, and others, which have experienced losses exceeding 4% each day.
BTC Under $63K
Last week’s business trend for BTC was relatively stable, largely staying under $60,000. However, things shifted dramatically on Friday following two encouraging pieces of news from the US. Initially, Federal Reserve Chair Jerome Powell suggested that it might be time to lower interest rates, a move many experts believe could happen in September.
Subsequently, RFK withdrew from the 2024 U.S. presidential race and openly backed Donald Trump, who is known as a supporter of cryptocurrencies. This development, along with it, sparked a significant surge in bitcoin’s value, which increased by more than $4000 by Saturday morning.
Following a rather tranquil weekend, Bitcoin took an aggressive stance on Monday morning but was stopped just above $65,100. Since then, it has dropped over $2,000 and is currently struggling below $63,000, even though there’s been a steady flow of positive influx for US spot Bitcoin ETFs.
As a researcher, I’ve observed a significant drop in our market cap by approximately $20 billion within a day, leaving us at roughly $1.240 trillion. However, our supremacy over the alternative coins is just a hairbreadth away from reaching 54% on CoinGecko.
Alts Bleed Out
Today, many alternative cryptocurrencies (altcoins) are experiencing a downturn, with Uniswap and Chainlink spearheading this negative movement among the larger market caps. Specifically, Uniswap (UNI) has dropped by approximately 5.8%, while Chainlink (LINK) has declined by 6.4% over the past 24 hours. This has caused UNI to fall below $6.2, and LINK to dip under $12.
These cryptocurrencies – Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin, and Toncoin – have experienced a dip of approximately 3-4%. On the other hand, Ethereum, Binance Coin, Solana, Ripple, and Avalanche are also seeing decreases, but their declines are less severe.
In a single day, the total value of all cryptocurrencies combined decreased by more than $50 billion, leaving it at approximately $2.3 trillion currently.
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2024-08-27 12:06